FARGO, ND - Gindi Equities announced the acquisition of the Osgood Townsite Apartments, a multifamily community in Fargo, North Dakota, from Property Resources Group. The purchase marks Gindi's entry into the Fargo market, as the firm expands its national portfolio of premier residential assets.
Gindi plans to invest in a renovation program to modernize and enhance the Class-B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset.
"Our strategic renovations will drive value and make Osgood one of the most sought-after housing options in the Fargo metro area," said Al Gindi, President and Co-Founder of Gindi Equities. "Governor Burgum's policies have made North Dakota a very attractive market to invest in. While this is our first acquisition in Fargo, we plan to continue to expand our holdings in this thriving market as we build a diversified portfolio across the country."
With this acquisition, Gindi's multifamily portfolio is valued at over $250 million and spans 2,000 units in the United States. Gindi aims to expand its portfolio to over $300 million in holdings by 2025 as part of the firm's strategic growth plan. Over the past 12 months, Gindi has purchased nearly 500 apartment units in some of the best submarkets in the Southeast and Midwest. In addition to Osgood, other recent acquisitions include a multifamily community in Greensboro, NC.
Built in 2004, Osgood is located at 4901 44th Avenue South and encompasses 243 apartments ranging in size from one to three bedrooms. Features and amenities including individual garages, a playground, and easy access to Fargo's employment hubs create a comfortable living experience for residents.
With a high-earning population and business-friendly environment, the Fargo metro area is a growing hub for the tech, agriculture and healthcare sectors. Located in Southwest Fargo, Osgood is surrounded by a vibrant community that continues to draw professionals and families with its quality schools, robust retail and entertainment options, leading healthcare facilities and easy access to both major interstates. In addition, a nine-hole golf course is adjacent to Osgood.